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If a person had a living trust and all the assets are in
If a person had a living trust and all the assets are in that trust. When the person dies and I prepare a 1st-time trust (now that it is irrevocable) and we sell some stock. What is the cost basis? Is… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,882 satisfied customers
A grantor of an irrevocable trust must sell her principal
A grantor of an irrevocable trust must sell her principal residence due to health reasons.are their any circumstances that would exempt the sale from capital gains taxes … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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Master's Degree
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I am a trustee of a trust and I have never filed a separate
I am a trustee of a trust and I have never filed a separate irrevocable income tax return. My parents have always paid the income taxes on their return, since it was their house before putting it in a… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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An elderly widow has a home with a cost basis of 150,000.
An elderly widow has a home with a cost basis of 150,000. Its fair market value is 500,000. If she gifts it to her 2 adult children, does she have to report 100,000 of gain on the gift tax return (if … read more
emc011075
emc011075
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A person has a property with a cost basis of $100,000, the
a person has a property with a cost basis of $100,000, the assessed value is $300,000 and wants to gift it to a irrevocable trust. It is the home of the income beneficiary. if it is sold while the inc… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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Step up in Basis question on wife's house going to me via a
step up in Basis question on wife's house going to me via a trust, then either house goes to kids, or an indexed fund instead goes to kids - a basis step up: My wife died. Her will puts her SEPARATE (… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,882 satisfied customers
Does the sale of a personal residence that was transferred
Does the sale of a personal residence that was transferred to an irrevocable trust become taxable to its beneficiaries? Can the transfer be treated as a gift to the beneficiaries so there is no capita… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,882 satisfied customers
Many years ago my grandparents created for me an irrevocable trust
Many years ago my grandparents created for me an irrevocable trust with the provision that (a) income would be distributed to me during my lifetime and (b) the assets in the trust would be distributed… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,882 satisfied customers
How does the gift tax work? Can I pay a dentist directly for
How does the gift tax work? Can I pay a dentist directly for a son who had extensive dental work done and call it a gift tax? The son is 55 yrs old and I can not think of a better way to do a gift tax… read more
Richard
Richard
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Doctoral Degree
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Foreign Trust: My parents passed away 6 years ago in Hong
Foreign Trust: My parents passed away 6 years ago in Hong Kong without any will. They were non-resident alien in US (they were not US citizen or green-card holder). Among 5 siblings, I am the only US … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
foreign nationals that own property in the U.S. if they sell
foreign nationals that own property in the U.S. if they sell or transfer property to other individuals (that are U.S. Citizens) in the U.S. do they need to pay taxes? Would a foreign national be able … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
My wife and I filed our 1040 return for 2009 and now believe
My wife and I filed our 1040 return for 2009 and now believe that we overreported income on a capital gain from an irrevocable trust. My wife was a beneficiary of this irrevocable trust that ended 3/9… read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
What is the best Trust to form for tax purposes pertaining
What is the best Trust to form for tax purposes pertaining to the transfer of property/estate to children upon death?… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
What is the difference between a revocable trust and an irrevacable
What is the difference between a revocable trust and an irrevacable trust as it relates to taxes; capital gains, inheritance, etc. My father is still living but has prepared a very basic will with me … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My parents created an irrevocable trust in NYC in 2000. Their
My parents created an irrevocable trust in NYC in 2000. Their co-op apartment and stocks were put into the trust. Now that they have died, I, as trustee, have sold some stocks and then distributed the… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
Family farm in Irrevocable trust. Do we have to pay ...
Family farm in Irrevocable trust. Do we have to pay capitol gains on income from sale of land from the time of first ownership ofland in early 1930''s to today? Land in Minnesota… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I have a tax client that is a 20% member of an LLC that ...
I have a tax client that is a 20% member of an LLC that owns a building that it rents to 5 doctors (5 members). Client wants to start a trust to put in $15,000 in 2007. I don't know anything about tru… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
My parents set up an IRREVOCABLE trust in the beginning of ...
My parents set up an IRREVOCABLE trust in the beginning of 2006; my sister and I are the beneficiaries and I am the executor. Currently, the only asset in this trust is a condominium which is a rental… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
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